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The load screen shows you advertisements for microtransactions the entire time. It's their main source of revenue. It's why they didn't end up making more singleplayer content for GTA V. Don't think they're in a rush to show people fewer advertisements for virtual currency.
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surely the gargantuan loading screen drives more users/money away than it brings in by constantly playing ads. Aren’t the ads for in game items anyway?
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They advertise in-game purchases because they sell the currency used to buy them with real money. They advertise buying the in-game currency too. It goes hand in hand. They have to convince people there are a bunch of things they want to buy with the in-game currency first.
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I don't think they would have made ~100 advertisements for in-game products and other forms of advertisements to display there if the load screens weren't so long.
Instead of regarding it as an actual problem to resolve, they seem to view it as an advertising space to leverage.